India: Pharma Market Indian Pharma Exports May Touch 22 Billion Dollars this Fiscal: Pharmexcil
The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has recently stated that in July 2019, Indian exports recorded 21.7 % growth. In addition to this, some of the policy decisions being taken by the Chinese Government may align favourably to Indian pharma exporters.
India – The Indian pharmaceutical exports may touch 22 billion dollars this fiscal as against the last 19.14 billion dollars in FY 19, forecasts the Pharmaceuticals Export Promotion Council of India (Pharmexcil). Pharmexcil director general Ravi Uday Bhaskar said, “Some of the policy decisions being taken by the Chinese Government may align favourably to Indian pharma exporters. In July 2019, Indian exports recorded 21.7 per cent growth to 1.72 billion dollars (total exports from April to July this year was at 6.17 billion dollars).”
He further stated that the cumulative growth of Indian exports for the period April-July was 13 per cent. As of June 2019, India’s generic pharmaceutical exports have grown almost 2.7 to 2.8 times faster than the global market.
“Hence, we expect the exports to touch 22 billion dollars in the fiscal 2019-20. The prices in the USA market are now stabilised. Even when there was price erosion, our export volumes were growing. That is why the US market has revived,” he said.
Despite price erosion and cartelisation in the USA market, the market there started recovering with 13.72 per cent growth in FY '19 against negative growth of eight per cent in FY '18, continued Bhaskar.
According to statistics by Pharmexcil, exports to North America, Africa and European Union contribute nearly 66 per cent of the total Indian pharma exports comprising bulk drugs, finished dosage formulations, Ayush and herbals and surgical.
He added that the Japan market was basically not favourable for generic drugs and also doctors in that country were also not willing to promote generic versions. In China, the registration of drugs takes a lot of time for Indian companies.
According to Bhaskar, India currently imports APIs (Active Pharmaceutical Ingredient) and other chemicals worth 2.5 billion dollars from China while drug exports to the country were at 230 million dollars.